Shiba Inu faces bearish pressure with declining momentum as the price looks for a floor.
Shiba Inu (SHIB) has been struggling to find momentum as Christmas approaches, with market sentiment appearing increasingly indecisive. The meme coin has experienced a decline of 1.7% in the last 24 hours, with the price fluctuating between $0.00000697 and $0.00000717. This fluctuation suggests a dull market, as the price is now sitting at the lower end of its range.
Over the past 7 days, SHIB has dropped by 10.4%, reflecting ongoing weakness, while the 14-day performance shows a more substantial decline of 18.7%. The cryptocurrency’s performance in recent weeks has been marked by sharp drops, but with moderate consolidation around $0.000007. Can the Shiba Inu price find a bottom here?
Can Shiba Inu Find a Floor
Notably, the TradingView chart for Shiba Inu shows that the price is moving toward critical support levels. After a breakdown on December 18, SHIB faced a rejection at the 1 Fibonacci level around $0.0000075563, which had previously acted as a crucial support zone during recent downtrends.
SHIBUSD 1 Day ChartThe price now remains trapped within a broader bearish range, with the next key floor appearing at 1.618 Fibonacci extension around $0.0000063511. A failure to reverse back above the $0.0000075563 level could push SHIB lower towards this extended support zone.
Looking at the Stochastic RSI indicator, SHIB is hovering above the oversold level, with values at 25.17 (blue) and 29.21 (orange), suggesting a bearish momentum. The Stochastic RSI is not yet in the oversold region, indicating that further downside could still be possible before any potential recovery
However, if the indicator shows signs of turning upwards from these levels, and the blue line surges over the orange line, it could signal a bullish reversal in the short term
SHIB Seeing Strong Bearish Sentiment
Meanwhile, a separate chart from Coinglass shows SHIB’s Volume-Weighted Funding Rate, providing key insights into market sentiment. The green areas signify periods when long positions are favored, with long traders paying shorts, while the red areas represent bearish sentiment, with short traders dominating.
Shiba Inu Volume Weighted Funding RateAs the price and funding rate dip into negative territory, it suggests a stronger bearish market sentiment, often leading to a decrease in SHIB’s value during those periods. The funding rate’s shift into the negative zone consistently correlates with price drops, as observed between late November and December. However, past performances do not always guarantee future results.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
SHIB Shows First Bullish Signal Since February as Burn Momentum Fades
SHIB shows the first bullish MACD signal since February near key resistance levels.
Price presses Bollinger Band resistance while burn activity drops and stays inconsistent.
Weak volume and declining open interest signal cautious market participation overall.
Shiba Inu is flashing its fi
CryptoNewsLand1h ago
Shytoshi Kusama Returns to X After 13-Day Silence, Announces Saturday Community Discussion as SHIB Slides 1.8%
Gate News message, April 23 — Shytoshi Kusama, lead ambassador of the Shiba Inu ecosystem, returned to X today after a 13-day silence that began on April 9. He confirmed a scheduled community discussion for Saturday, signaling new developments ahead. His updated bio now reads: "Next up: Let's set a
GateNews13h ago
Shiba Inu Breakout Gains Strength as Volume Surges
Key Insights
Shiba Inu’s breakout above the triangle pattern gains strength as rising volume and higher lows confirm growing demand and a sustained bullish market structure shift.
Derivatives activity jumps significantly with volume surpassing $249 million while open interest rises,
CryptoNewsLand13h ago
SHIB Faces Rising Sell Pressure After 400B Token Inflows
Shiba Inu faces selling pressure as exchange reserves climb to ~81.5T SHIB and net inflows exceed 400B SHIB, with price trapped under resistance amid low volatility and muted market participation.
Abstract: This analysis notes SHIB's current market dynamics, highlighting exchange reserves near 81.5 trillion SHIB and net inflows over 400 billion SHIB, signaling rising distribution as holders prepare to sell. Prices remain below key resistance with low volatility and subdued volume, pointing to weak short-term momentum. The combination of larger inflows and outflows indicates strategic repositioning rather than accumulation, while broader market constraints limit upside. Overall, the outlook remains cautious with downside risk in the near term.
CryptoNewsLand15h ago
SHIB Market Shift Intensifies as 82.5B Tokens Leave Exchanges
SHIB sees 82.5 billion tokens leaving exchanges, signaling reduced immediate selling pressure.
Exchange flows remain mixed, showing cautious sentiment between buyers and sellers.
Price stays stable, suggesting market indecision and possible early accumulation phase.
Shiba Inu has
CryptoNewsLand04-23 06:37
SHIB Market Shift Intensifies as 82.5B Tokens Leave Exchanges
SHIB sees 82.5 billion tokens leaving exchanges, signaling reduced immediate selling pressure.
Exchange flows remain mixed, showing cautious sentiment between buyers and sellers.
Price stays stable, suggesting market indecision and possible early accumulation phase.
Shiba Inu has
CryptoNewsLand04-23 06:36
